MANILA, Philippines–Two Philippine companies rode the Asian onslaught in the prestigious Top 250 Global Energy Company Rankings, as Western dominance ebbed in the face of surging per capita energy/power consumption in the East.
Data from London-based Platts showed that the Philippines’ top power retailer, Manila Electric Co. (Meralco), and leading fuel retailer Petron Corp. were No. 150 and No. 247, respectively, in the annual financial performance roster. They were the only Filipino firms on the list.
“Petron is also ranked No. 19 on the world’s fastest-growing energy companies on that (Top 250) list, and is the sixth fastest-growing energy company in Asia,” said Kimitsu Yogachi (Platts communications manager for Asia) via e-mail.
Petron was No. 6 in the subset list called “Top 20 Fastest Growing in Asia-Pacific.”
The overall theme in the energy world, according to Platts’ report, is “pivot to Asia” as economic rebalancing consolidates the region as the new center of energy and power demand amid declining consumption in Europe and the United States.
While Manuel V. Pangilinan-led Meralco, a utility firm, outscores Ramon Ang-led oil firm Petron in the Top 250 list, Petron was the only Filipino firm in the list of fastest-growing firms in Asia.
Overall, the Platts report showed that global oil and gas firms still dominate the list of the world’s most profitable energy companies.
Energy companies in the Americas cornered 103 of the Top 250 slots (US-based Exxon Mobil Corp. led the Top 250 rankings) but their numbers were down from 149 in 2003.
Apac showed a sort of “personal best” this year with 82, up by eight from a year ago, surpassing the best record for Europe, the Middle East and Africa (Emea) of 80 slots in 2008.
Petron, which serves nearly 40 percent of the total Philippine demand, recently expanded into the Malaysian market with investments in its Port Dickson refinery and retail network expansion seen exceeding $1 billion in the next few years.
The company is also completing the $2-billion upgrade of its Philippine refinery in Bataan, which will make it one of the most advanced facilities in Asia by 2015.
“To be named one of Asia’s fastest-growing companies is an honor for a Filipino company like Petron,” Petron chair and CEO Ramon S. Ang said in a statement. “Even while our investment focus is on our Philippine and Malaysian businesses, we are always on the lookout for other opportunities in the region. We aim to be a key player in Asia and hopefully, our current investments will allow us to further expand.”
Platts’ report noted that US demand dipped while that in Asian proved strong. US utilities in the list reflected declines in realized power and gas prices during the year, in part driven by the abundance of natural gas supply, continued sluggish demand and subsidized renewable energy generation.